This week we have Senior Associate Dannielle Young running through what Arbitrationation is. Arbitration isn’t a new term; however, it isn’t as recognized as it should be. This may change in the FCC from the emphasis on dispute resolution that had come about on the 1st of September when the Courts merged.
Arbitration is a term of litigation for financial matters. It helps families settle their property matters much quicker than it has historically taken to get these matters heard and determined by a judge in the courts. Cases referred to Arbitration could have their matters finalised in a matter of 3-6 months.
An arbitrator is an independent person who works in the matter. They don’t act or advocate for either of the parties. They are highly experienced lawyers and usually family lawyers who have completed accredited training and are named an accredited Arbitrator. Their role, is to consider the evidence from the parties and decide concerning the property division.
Arbitrators can usually have input as to how the Arbitration takes place. After the Arbitration is appointed, they usually set an agreement to parties that sets the terms of the engagement and costs. The Arbitration usually schedules a preliminary conference with the parties of the matter prior to commencement. During that process, the issues usually discussed are the disputes, the application of the evidence, and the rules of formality that are sought on each of the parties.
Once the matter is heard, the Arbitrator must provide each party with an award and their reasons for the determination and outcome. The time frame is usually much quicker than waiting for a judgement to be delivered by a judge in our Courts. The Award is intended to be final and to settle all the matters between the parties.
The main advantage to Arbitration is efficiency. It is likely that the whole Arbitration process can be completed in a 3-6 month period. The Arbitrator has to produce their Award in a set time which is different from if there was a hearing in the courts. Arbitration is also very cost-effective, it has personal benefits, more control, and flexibility.
To find out more about Arbitration, listen to the podcast as Dannielle gives a full rundown on why Arbitration could be a good option for you.
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